New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-03
SECRETARY .MANNING'S EXPLANATION

SECRETARY .MANNlNG'S EXPLANATION
There is a scarcely yelled tone of contempt
in Secretary Manning's reply to Congress. In
which he informs his party associates who form
the majority in the House that the essential in
formation, for which they sOlemnly ask, was
contained in the regular annual reports sub
mitted when Congress met. Possibly few
Democratic members may have wit enough to
see that the House merely advertised its own
incapacity. The Secretary iscourteous in words,
but he evidently feels that he has no occasion
to be over particular. The House clearly de-
serves the contempt he feels. The Secretary Is
presently going out Of office. Besides, the
President himself has constantly treated the
House like q pack of exceptionally ignorant
and stupid schOOlboys, and seems to be getting
more consideration from that body because Of
his treatment.
One thing which was left blind in the Secre-
tary's annual report, no doubt unintentiOnally,
he now makes clear His language then was
such as to admit and almost to compel the con-
clusiOn that he meant to recommend the issue OF
silver certificates in place Of the full amount OF
greenbacks now outstanding. the retirement of
which he proposed But the Secretary now says
that the suspension of silver coinage was and
is regarded by him as the first and indispensa-
BILE condition of his plan" That is, he would
stop the coinage of standard silver dollars. SO
that the amount could not IN future become
greater than it now Is. and of that amount all
but about $75, 64S.O69 was represented Feb
ruary by silver certificates outstanding. II
the coinage should now be discontinued.
therefore, only about that amount more of the
CT NJ inn ha
and gold certificates would have to be issued
in place Oh the remainder of $500 900, 600 of
legal-tenders not in the Treasury, if those
should be retired.
The Secretary implies by his tone that he no
longer expects this plan to be treated with re-
spect by Congress OF its adoption there is, in
deed, no prospect whatever He will retire
from Office with the satisfaction of having rec
commended in strong terms what he thought
best for the country, quite regardless of the
opinion of his political friends in the House.
lie does not seem to have influenced their Opin-
ion any more than they have influenced his. But
the fact remains that this session of Congress
will probably adjourn without any provision
whatever for disposition of the surplus.
The statement made public on Tuesday
shows a net decrease IN the debt less cash of
$9,515.6 S7 OS during the month of January.
The amount of per cent bonds outstanding
February 1 was $63.O23, 600. and no other
bonds remain to which the surplus revenue
can be applied. In less than seven months
debt reduction at the rate of January will ex-
tinguish the last of the per cents. After that
time unless Congress materially increases the
expenditures or reduces the revenue, the cOllec-
ton of taxes will take from the people, accord
ing to the Secretary's latest statement, about
1925, 100000 yearly. He urges Congress to
consider that contraction of such magnitude
mustbe disastrous to industry. But it is clearly
his opinion. as it is that of intelligent observers
at Washington, that this Democratic House
will fail to do anything, even in thatemergency,
unless few Democratic members unite with
Republicans to pass measure satisfactory to
the large body of Republican members.